As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Baker Hughes, a filing with the SEC revealed that on Monday, Director Gregory D. Brenneman purchased 85,000 shares of BHI, at a cost of $58.84 each, for a total investment of $5.00M. So far Brenneman is in the green, up about 3.4% on their buy based on today's trading high of $60.85. Baker Hughes is trading off about 1.5% on the day Wednesday. This purchase marks the first one filed by Brenneman in the past twelve months.
And at Occidental Petroleum, there was insider buying on Monday, by Director William R. Klesse who purchased 10,000 shares at a cost of $64.89 each, for a total investment of $648,900. Occidental Petroleum is trading off about 0.1% on the day Wednesday. Klesse was up about 7.7% on the purchase at the high point of today's trading session, with OXY trading as high as $69.88 in trading on Wednesday.
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